Chapter 2 [Compatibility Mode]

Chapter 2 [Compatibility Mode] - ECON 002 Introduction to...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
1 ECON 002 Introduction to Macroeconomics Chapter 2 No Free Lunch All decisions have benefits and costs. Wants are unlimited Trade offs ECON 002 Introduction to Macroeconomics Opportunity Costs Opportunity cost of any choice – What we must forego when we make that choice ECON 002 Introduction to Macroeconomics Opportunity Costs The opportunity cost of a choice includes – Explicit cost – Implicit cost Arises from the scarcity of time or money Time is money
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon